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December 2025 Portfolio Update of AllianceBernstein National Municipal Income Fund, Inc.

On January 26, 2026, AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB) disclosed its monthly portfolio update as of December 31, 2025. This report provides investors with valuable insights into the fund's key holdings, asset allocations, and performance metrics.

Key Fixed-Income Holdings

The Fund has an extensive array of fixed-income investments, prominently featuring ten significant bonds that collectively represent notable percentages of the portfolio. These holdings aim to generate stable income while managing risk effectively:

1. Melissa Independent School District Series 2024-2 - 4.25% Maturity on 02/01/53 - 2.16% of portfolio.
2. Commonwealth of Massachusetts Series 2025-2 - 5.00% on 01/01/54 - 2.00%.
3. Oklahoma Turnpike Authority Series 2023 - 4.50% on 01/01/53 - 1.97%.
4. Dallas Independent School District Series 2024-2 - 4.00% on 02/15/54 - 1.93%.
5. New York Transportation Development Corp. Series 2024 - Zero Coupon on 12/31/54 - 1.92%.
6. Hawaii Airports System Revenue Series 2025-2 - 5.50% on 07/01/54 - 1.86%.
7. Worthington City School District Series 2025-2 - 5.50% on 12/01/54 - 1.86%.
8. City of Atlanta GA Department of Aviation Series 2025-2 - 5.50% on 07/01/55 - 1.85%.
9. Metropolitan Washington Airports Authority Aviation Revenue Series 2025-2 - 5.50% on 10/01/55 - 1.85%.
10. County of Miami-Dade FL Aviation Revenue Series 2025-2 - 5.50% on 10/01/55 - 1.83%.

These top holdings not only reflect local support but also showcase a diversified approach across different sectors and maturities, which helps in managing market volatility, safeguarding principal, and securing income.

Sector Analysis

The fund's investment strategy encompasses several sectors, demonstrating a balanced approach to risk and yield:

• - Health Care - Not-for-Profit: 12.77%
• - Airport: 10.26%
• - Miscellaneous Revenue: 7.18%
• - Toll Roads/Transit: 5.51%
• - Industrial Development - Airline: 5.14%
• - Prepay Energy: 4.74%
• - Higher Education (Private and Public): 5.60%

These allocations highlight a concentrated investment in essential services, such as healthcare and transportation, which are vital during economic fluctuations.

Geographic Exposure

A significant aspect of the portfolio is its geographic diversification:

• - Texas: 14.47%
• - California: 8.86%
• - New York: 7.95%
• - Florida: 7.89%
• - Illinois: 7.85%

The above states represent a substantial portion of the Fund's investments, indicating a strategic focus on major metropolitan areas known for their economic resilience.

Credit Quality Distribution

Maintaining a strong credit quality is paramount, and the Fund's distribution reflects this priority:

• - AAA: 12.41%
• - AA: 38.08%
• - A: 19.97%
• - BBB: 17.87%

This balanced credit quality blend indicates an emphasis on higher-rated bonds, which serve to reduce overall portfolio risk while allowing for yield generation.

Conclusion

In summary, AllianceBernstein National Municipal Income Fund, Inc. remains committed to optimizing revenue while managing risk through a diverse portfolio composed of high-quality municipal bonds. The recent monthly update illustrates the strategic choices made by the fund that aim to strike a balance between stability and growth in an evolving market environment. Investors can take confidence in the fund's robust management and strategic positioning as we move further into 2026.